Darian and Heidi Templeman at the home they are selling in Mount Gravatt. Image: Josh Woning.
SELLERS in Brisbane’s blue-chip suburbs are in the box seat this spring as the pandemic fuels a flight to premium property.
Research from Realestate.com.au shows the suburbs with the shortest average days on market for houses and units since COVID-19 are predominantly expensive locations close to the city, but experts say a two-tier housing market is emerging.
Wilston in Brisbane’s inner north, which has a median house price of $1 million, is the city’s fastest-selling suburb, with houses typically sitting for a month on the market.
This huge home at 36 Lovedale St, Wilston, is on the market.
Houses in Geebung and Gordon Park, also on the northside, are not lasting long either — being snapped up within 37 days on average.
Units are selling the quickest in the inner-west suburb of Auchenflower, with apartments staying an average 49 days on the market, followed by Gaythorne and Moorooka.
Realestate.com.au chief economist Nerida Conisbee said the fact that most of the fastest selling suburbs in Brisbane were in premium locations was in line with the suburbs most in-demand among would-be buyers at the moment.
This contemporary home at 27 Blackwood Rd, Geebung, is for sale.
Yet Ms Conisbee said there were two types of buyers in the Queensland market right now — first-home buyers looking in regional and city outskirt suburbs and buyers with stable employment, who are flocking to quality, inner-city suburbs.
“It’s kind of unusual because we’re seeing a flight to quality but also stimulus for first-home buyers, but the (fastest selling suburbs) trend is consistent with the flight to premium suburbs, as they are perceived as low risk and high return,” Ms Conisbee said.
“These are really safe suburbs, where even if you paid a bit too much, you’d be like; ‘Oh well, it will hold its value and will probably go up’. These will give you decent capital growth over the long term.”
This character home at 149 Thistle St, Gordon Park, is on the market.
Ms Conisbee said COVID-19 was affecting housing in different ways, with some property types in certain locations doing better than others.
“Suburbs with big family homes on large blocks are faring well, but the best performers continue to be premium suburbs,” she said.
“The buyer market is still strong and well-paid professionals are supporting expensive housing, they’re probably not spending much on anything else. This seems to be leading this push in many of the blue-chip suburbs around Australia.
“Demand is often a good indicator of price growth.”
This property at 71 Abingdon St, Woolloongabba, is for sale.
When it comes to units, Ms Conisbee said those suburbs with fewer apartments seem to attract the most buyers and, therefore, sell faster than those with plenty of unit stock.
Brisbane couple Heidi and Darian Templeman are selling their house at at 30 Stellman Street in Mount Gravatt, which is one of the suburbs where houses are selling the fastest, according to Realestate.com.au.
The Templemans built their home five years ago and have decided to sell now because they have outgrown it and want to act now in case prices drop in the coming months.
“In recent months, the area has had strong sales,” Mrs Templeman said.
“For us, we want to try and capitalise on that because there is no such thing as ongoing certainty in the real estate market.”
Listing agent Ben Salm of Place – Coorparoo said he was not surprised Mount Gravatt was on the list of fastest selling suburbs because it offered value for money for buyers priced out of inner-city suburbs.
This property at 30 Stellman St, Mount Gravatt, is for sale.
“We’re getting a big mix of first-home buyers at higher price points, young families moving to the area because they see value because of the strong education belt here, and then investors looking to the area because it’s very stable and is growing in value and getting good rental returns,” Mr Salm said.
“Activity has increased significantly in the last four weeks leading into spring. It’s certainly noticable this year that inquiry from sellers looking to do something in the next six months has definitely increased.”
Mr Salm said he had noticed an increase in vendors interested in selling after sitting on their hands for several months following COVID-19.
“You’ve got a mix of people who put (selling) on hold because they were going to sell at the start of COVID-19, pple forecasting …and want to avoid a falling marekt, then pple forced to sell due ot circumstances outof their control.
Mr Salm said it was a good time to sell because there was a shortage of stock on the market and buyers were willing to pay a premium.
FASTEST SELLING SUBURBS FOR HOUSES
Ranking Suburb Average days on market
1. Wilston 33
2. Geebung 37
3. Gordon Park 38
4. Woolloongabba 39.5
5. Keperra 43
6. Ferny Grove 45
7. Mount Gravatt 45
8. Ferny Hills 46
9. Windsor 47
10. Bald Hills 48
(Source: Realestate.com.au)
FASTEST SELLING SUBURBS FOR UNITS
Ranking Suburb Average days on market
1. Auchenflower 49
2. Gaythorne 50.5
3. Moorooka 51.5
4. Carseldine 52.5
5. Carina Heights 53
6. Toowong 56
7. New Farm 56.5
8. Mount Gravatt East 58
9. Ormiston 58
10. Wishart 60.5
(Source: Realestate.com.au)
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